Tag Archives: business plan

The first mistake committed by most entrepreneurs!

Entrepreneurs often decide the name of their businesses first but forget to consider if this name will be effective in the long run. Over the years I’ve found that contributing less time and consideration to naming, often results in a misleading or ineffective choice that your ideal customers may fail to remember.

It is essential to understand that the brand and name of your business is not simply needed to announce your presence to the customer. But it must be powerful enough to insight all their senses. Your name should give your customers an imagine of what they may experience, visualizations of vibrant colors and most importantly build a story or a character that clearly depicts your product or service. Your name MUST stand out in the crowd. There are thousands of competitors in the market, and just like dating, customers are attracted to the ones which are effective in fetching their attention to meet their needs.

So, as the owner of the next big thing, you need to have a more thoughtful approach while naming a business. The name should be such that easily remains in the minds of your customers even years after their first encounter. You are courting their business after all, be sure that your name will impress. How can I do this, you ask?

  •  The best way to achieve this is to keep your name very simple instead of using new, bombastic or ambiguous words. Simple words with one or two syllables can be easily pronounced and remembered by everyone. It will also easily convey the intended meaning. Simplicity will create a good initial impression.
  •  NEXT; The name must convey a story or create interest in the minds of the customer. If a simple descriptive name is used, it can help the customers in their buying decision instead of needing clarification every time a person hears it. An effective name will start a conversation because of its popularity among the customers. Thus all these factors will help in the establishment of your brand. Your name should be a timeless classic that will live for years instead of losing its significance in a smaller duration. This will ultimately lead to brand visibility and the growth of your business.
  •  LASTLY; Consider the opinions of your targets. Share the name of your business frequently and proudly; to announce your arrival to market. Note down the reactions received, facial expressions, tones and consider critical adjustments that will further elicit the desired positive responses or buying behaviors. This experience will be quite helpful in helping you take the right direction.

Just like your parents were quite thoughtful in naming you, you should do the same with YOUR BUSINESS while naming it!

Best of Luck!
~CynVirtuoso

What’s the Right Business Plan for You?

Business Plans doesn’t fit under the “one-size-fits-all” category. Gone are the days of writing 50-100 page documentation. Business Plans guide owners, stockholders and managers through the stages of development. A business plan is a road map that guides you through the planning process. As such, it becomes important to consider that for what exactly you’ll be using the plan for.

The current stage of your business can help you determine what type of business plan would work best for you. Ask your business plan writer to determine and prepare a plan accordingly.

Start-up Plan

This business plan is for those who are just newbies. It can be considered as a comprehensive, traditional business plan that covers all topics relevant to new scheme creation, such as company information, markets, forecasts, strategy, management team and financial analysis. It requires segments describing the company, its product or service, market assessments and the projected management team.

Internal Plan

This type of plan is used internally and not for external associates. As such, you need to indulge the management team and detailed company analysis. However, you should cover where the company intends to go and how, without giving all the background details and company overview.

Operational Plan

Operational Plan is considered as an internal plan that consists of information related to company’s internal operation. It should include milestones, deadlines and responsibilities of managers or teams.

Strategic Plan

A strategic plan emphasizes high-level opportunities and setting priorities for the organization, rather than particular responsibilities of the team. These plans are in- depth description of the company’s proposed growth.

Growth/expansion Plan

This type of plan may focus on a subset of the business. This plan should include comprehensive forecasts of sales and expenses for the new ventures.

Feasibility Plan

When considering a new start-up, this type of plan is used to evaluate the idea. It also helps determine whether it’s worth pursuing. The plan should include a summary, missions, elements of success, overview of market analysis and an analysis of pricing, and probable expenses.

So, which one among these is your business type?

Reach the Sky with an Effective Business Plan

When one of my friends was asked about the business plans for his new company, he replied, “I don’t have any.” He started several companies in his 20-year period as a businessman and none of them have ever succeeded for long, although he is a millionaire today.

Does this mean that he is a poor businessman? Essentially not!

This means that my poor friend didn’t ever realize the purpose and the worth in creating a business plan, which is often the case with many new entrepreneurs.

So, what exactly is this Business Plan and what makes it so important for every business owner?

Here is all what you must know about an effective business plan.

Business Plan – An Introduction

A business plan is your formal ‘calculation’ of the way you want and will run your business. It is a formal declaration of your business objectives, reasons they are achievable, and plans for accomplishing them. It may sometimes also include background information such as the organization or team endeavoring to reach those goals.

Business Plans serve as a framework for your business and provide standards to check whether you’re reaching your goals. They are a key to help you think through your business and keep you on track.

 

Business Plan – Its Length

Greg Nelson of SCORE Naples says, “A business plan needs to be long enough to address all the key areas so that the reader is not left with serious questions, concerns and red flag.” He further says that business should be able to present sufficient business plan in less than 20 pages.

However, simple businesses can probably complete their task in 8-10 pages. In cases of complicated market research, one can place much of the supporting information in appendices, which can make the principal plan shorter, more concise, to the point and more effective.

However, according to the book Portable MBA in Finance and Accounting, p. 261-2, “For a business plan to raise debt or equity, 25-40 pages, and “less is more.”

However, some experts believe that a business plan should be measured by its readability and description.

Business Plan – Who need it?

You need a business plan if –
• You are running a business
• You are applying for a business loan
• You are looking for a business investment
• You are looking for business partnerships
• You want to communicate with your management team

In short, everyone who is associated with a business must have an effective business plan.